Valuable benefits available in Midwest Disaster Areas by Emergency Economic Stabilization Act
Subscribers to the Tax Zone Locator on the CCH® Tax Research NetWork™ now have one-stop access to the complete range of new and valuable tax benefits made available in Midwest Disaster Areas by the recently enacted Emergency Economic Stabilization Act of 2008. The Tax Zone Locator is made possible by a partnership between CCH, a Wolters Kluwer business and a leading provider of tax, accounting and audit information software and services ( CCHGroup.com), and the noted consulting firm, National Tax Credit Group, LLC (NTCG).
The areas covered are hundreds of counties in Arkansas, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Missouri, Nebraska and Wisconsin. The tax benefits are applicable to floods, severe storms and tornadoes that were declared by FEMA on or after May 20, 2008, and before August 1, 2008. Disasters that occurred prior to this period qualify for tax relief if the FEMA disaster declaration occurred during this period.
Tax benefits to businesses include a job retention credit of up to $2,400 per employee; increased expensing and depreciation; and a net operating loss enhancement.
“Subscribers can gain detailed access to information on availability of these benefits – and dozens of other location-based incentives – quickly and easily with the Tax Zone Locator,” said Angela Darrow, CCH product manager.
“The Tax Zone Locator makes finding what you need as simple as typing in an address,” Darrow added.
Subscribers can utilize Tax Zone Locator for individual employee and business addresses or, if they have a large number of addresses, simply upload a Microsoft Excel® file for batch processing.
About the Tax Zone Locator
The Tax Zone Locator by NTCG provides detailed information on federal location-based tax incentives zones such as Empowerment Zones, Renewal Communities and Indian Tribal Land, as well as state Enterprise Zones for both pre-qualification and non-pre-qualification states. The Tax Zone Locator also provides a Zone Forms and Instructions Library and a Zone Coordinator Contact Database.
The coverage includes valuable location-based hiring credits; sales and use tax credits and exemptions; property tax credits and incentives; income and franchise tax credits; and investment credits.
Due to the historical complexities of identifying the eligibility for, and calculation of, these federal, state and local incentives, generally fewer than 10 percent of taxpayers or their CPAs claim these valuable benefits.
“With the Tax Zone Locator, there is no excuse for leaving this money on the table,” Darrow said. “These tax breaks can offer private and publicly traded businesses with a significant competitive advantage as a result of: lower effective tax rates, lower after-tax equipment and/or labor costs, increased tax refunds and improved cash flow, while improving the communities they operate in.”
About National Tax Credit Group, LLC
NTCG is a leading provider of comprehensive incentive tax credit and exemption address screenings for businesses throughout California and the United States. NTCG was founded by a group of leading tax experts, University Professors and former Big 4 Partners, Senior Managers and Consultants. Through the use of proprietary software, NTCG provides comprehensive and cost-effective location-based tax incentive screening and consulting services to the financial services community.
About CCH, a Wolters Kluwer business
CCH, a Wolters Kluwer business ( CCHGroup.com) is a leading provider of tax, accounting and audit information, software and services. It has served tax, accounting and business professionals since 1913. Among its market-leading products are The ProSystem fx® Office, CCH® TeamMate, CorpSystem®, CCH® Tax Research NetWork™, Accounting Research Manager® and the U.S. Master Tax Guide®. CCH is based in Riverwoods, Ill.
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services globally for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues (2007) of €3.4 billion ($4.8 billion), maintains operations in over 33 countries across Europe, North America and Asia Pacific and employs approximately 19,500 people worldwide. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. For more information, visit www.wolterskluwer.com.